ARRAY Shoals Merger: Solar Suppliers Combine in $1.32 Billion All-Stock Deal

Economic Warfare & Trade Policy › Energy & commodities

ARRAY Technologies and Shoals Technologies Group said on Wednesday, Nov. 4, 2026, that they will combine in an all-stock deal. The merger would join two of the largest U.S. suppliers of equipment for utility-scale solar farms. Reuters valued Shoals at about $1.32 billion, or $7.86 a share. The ARRAY Shoals merger is expected to close in the first quarter of 2027.

Key figures: Shoals valued at about $1.32 billion ($7.86/share) · 1.6931 ARRAY shares per Shoals share · Shoals holders own about 65% · 2027 pro forma revenue $2.2-2.4 billion · more than $100 million a year in synergies within three years · close expected Q1 2027

Deal terms

Shoals shareholders would get 1.6931 ARRAY shares for each Shoals share. After closing, Shoals holders would own about 65% of the combined company (64.5% on a fully diluted basis), and ARRAY holders about 35%. ARRAY, based in Albuquerque, N.M., is the legal acquirer. Shoals, based in Portland, Tenn., makes electrical balance-of-system products, such as wiring and connectors, for solar projects. ARRAY makes trackers, which tilt solar panels to follow the sun.

Shoals chief executive Brandon Moss would lead the combined company. ARRAY CEO Kevin Hostetler would become a special advisor, and Brad Forth would serve as chair of a 10-member board. The companies said a new name will be announced later. Jefferies and JPMorgan advised the companies. The deal needs approval from both sets of shareholders and from regulators. The companies described the combination as an integrated platform for solar and battery-storage projects, selling trackers and electrical systems to the same developers and contractors.

ARRAY Shoals merger by the numbers

The companies forecast 2027 pro forma revenue of $2.2 billion to $2.4 billion and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $410 million to $480 million. They expect more than $100 million a year in synergies within three years. In the first year, they expect about $20 million in cost savings and about $15 million from selling each other’s products to the same customers. Only about 20% of projects used products from both companies, they said.

ARRAY plans to redeem $317.5 million of its preferred stock. It would pay $161.3 million within 90 days of closing at 93% of the liquidation preference, and $156.3 million from 2028 to 2030 at 96%. Net debt would be $873.3 million. The companies expect leverage of 2.6 times EBITDA at the end of 2026, falling below 2 times by the end of 2027. Shoals also brings $1.6 billion of tax amortization and $237 million of net operating losses that could lower future taxes.

Analysis: Shoals investors would own the larger share even though ARRAY is the buyer, which shows how much of the combined value the market gives Shoals. The midpoint of the EBITDA forecast is $445 million, about 19% of the $2.3 billion revenue midpoint, by TBR’s calculation. If the $100 million in synergies comes through in full, it would equal more than a fifth of today’s forecast EBITDA. The cross-selling estimate depends on customers buying from one supplier, since most projects use only one company’s products today.

Context for the solar industry

The deal comes as solar suppliers deal with changing federal tax credits and tariffs, and with rising power demand from data centers. That demand has led tech companies to look for more grid capacity, as in OpenAI’s Georgia program (our OpenAI Grid Protectors story). Energy prices were also in focus Wednesday after the midterms (our oil prices report). More business news is on our Business & Finance page.

Sources

• ARRAY Technologies: ARRAY Technologies and Shoals Technologies Group announce transformative merger (Nov. 4, 2026)
• Reuters via StreetInsider: ARRAY to combine with Shoals in $1.32 billion all-stock deal
• GlobeNewswire: merger announcement
• Investing.com: ARRAY Technologies to merge with Shoals Technologies